BMO to acquire Clearpool Group
BMO Financial Group announced Jan. 22 that it has entered into a definitive agreement to acquire Clearpool Group Inc., a New York-based provider of electronic trading solutions and an independent agency broker-dealer operating in the U.S. and Canada.
Clearpool has about 60 employees and more than 100 clients, primarily U.S. broker dealers who use the company's trading technology and execution services. Clearpool’s Algorithmic Management System (AMS) “provides a fully customizable suite of algorithmic trading tools designed to service the best execution needs of institutional clients,” said BMO in a statement.
The transaction is subject to receipt of required regulatory approvals and other customary conditions and is currently expected to close in the second quarter. Terms were not disclosed.
"BMO Capital Markets is accelerating on our strategic priorities of delivering exceptional client-experiences, driving an innovation mindset, activating a high performance culture and simplifying how we do business," said Dan Barclay, CEO, BMO Capital Markets. "The acquisition of Clearpool is consistent with these priorities as it gives us access to leading next-gen trading technology and a broker-dealer client base."
On closing, Clearpool will be a separate broker-dealer with information barriers to secure clients' confidential information.
"We are very excited to join BMO," said Joseph Wald, CEO and Co-Founder, Clearpool. "The acquisition positions us well to accelerate the next step in our platform development and provide the infrastructure to become a global, multi-asset class electronic trading solution."